Bitcoin (BTCUSD) continues to display an incomplete bearish sequence from the October 6 peak, which suggests that further downside remains possible. The extreme target zone derived from that peak lies between $41,411 and $52,204, and this area continues to serve as the broader downside objective. Despite this longer-term view, the cryptocurrency has been staging a corrective rally in the near term. From the February 6, 2026 low, Bitcoin has advanced in what appears to be a zigzag Elliott Wave structure, correcting the larger degree cycle that began from the January 14 peak.
Within this corrective move, wave A concluded at $72,174, followed by a pullback in wave B that ended at $62,537. Since then, price action has turned higher again in wave C. The internal subdivision of wave C is unfolding as a five-wave impulse, which provides a clearer framework for short-term expectations. From the wave B low, wave ((i)) finished at $70,038, while the subsequent dip in wave ((ii)) found support at $67,556. The market has since resumed its upward trajectory, reinforcing the view that wave C remains in progress.
As long as the pivot at $62,537 holds, Bitcoin is expected to extend higher in the near term. This corrective rally does not yet invalidate the broader bearish sequence, but it highlights the potential for continued strength before the larger trend resumes. Traders should monitor the unfolding impulse closely, as the completion of wave C will provide important clues regarding whether the rally is merely corrective or the beginning of a more sustained bullish trend.
Bitcoin (BTCUSD) 1-Hour Elliott Wave Chart
BTCUSD Elliott Wave Video:
You are currently viewing a placeholder content from Default. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
 continues to display an incomplete bearish sequence from the October 6 peak, which suggests that further downside remains possible. The extreme target zone derived from that peak lies between $41,411 and $52,204, and this area continues to serve as the broader downside objective. Despite this longer-term view, the cryptocurrency has been staging a corrective rally in the near term. From the February 6, 2026 low, Bitcoin has advanced in what appears to be a zigzag Elliott Wave structure, correcting the larger degree cycle that began from the January 14 peak.){kind=link}